Reply To:
Name - Reply Comment
Last Updated : 2024-04-18 17:22:00
Leading licensed finance company, Vallibel Finance PLC, saw its earnings for the September quarter (2Q20) improving to 10.4 percent year-on-year (YoY) to Rs.285.9 million amid the challenging operating environment that is prevailing in the country.
The earnings per share (EPS) for the quarter was Rs.19.43, compared to Rs.18.69 a year ago.
The interest income rose by 17.4 percent YoY to Rs.2.2 billion while the interest expenses rose by 10.2 percent YoY to Rs.1.2 billion, resulting in a net interest income of Rs.1.01 billion, up 27.4 percent YoY.
The company’s fee incomes for the quarter remained almost unchanged at Rs.90.8 million.
The provisions made for possible bad loans increased to Rs.98.6 million, from Rs.67.6 million a year earlier.
The operating profit before tax for the quarter rose 24.2 percent YoY to Rs.630.7 million.
The company grew its customer loan portfolio to Rs.25.9 billion, from Rs.24.3 billion during the six months ended on September 30, 2019.
Meanwhile, for the six months, the company reported earnings of Rs.19.05 a share or Rs.560.7 million, compared to Rs.18.70 a share or Rs.518.3 million reported for the corresponding period, last year.
The interest income rose by 20.1 percent YoY to Rs.4.4 billion but the interest cost closely followed with an 18.4 percent YoY increase to Rs.2.49 billion, indicating the pressure building on the margins.
For the six months, the company provided Rs.181.8 million for possible bad loans, up 61.7 percent YoY.
The operating profit before tax for the six months rose 17.5 percent YoY to Rs.1.2 billion.
The company has a deposit base of Rs.27.6 billion and a loans and leases portfolio of Rs.40.2 billion, as of September 2019.
Total assets grew to Rs.50 billion, from Rs.47.6 billion six months ago.
The company’s return on equity as at September 30, 2019 was 19.91 percent, down from 25.81 percent a year ago.
Business tycoon and Vallibel Finance Chairman Dhammika Perera’s investment vehicle, Vallibel Investments Private Limited, holds 51.436 percent in Vallibel Finance while Perera’s direct holding in the company stands at 21.433 percent.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
A recent post on social media revealed that three purple-faced langurs near t
10 Apr 2024
09 Apr 2024